ET:Nickel futures up 0.50% on firm demand, global cues
NEW DELHI: Nickel prices moved up by 0.50 per cent to Rs 901.20 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, rebound in base metals at the London Metal Exchange supported the upside.
At the Multi Commodity Exchange, nickel for delivery in March gained Rs 4.50, or 0.50 per cent, to Rs 901.20 per kg in business turnover of 1,549 lots.
The metal for delivery in April also rose by a similar margin to trade at Rs 910.20 per kg in a turnover of 203 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in copper and other base metals at the London Metal Exchange on low-level buying also influenced nickel futures here.
